GLEN EDEN & HEIGHTS VIEW APARTMENTS

Multi-Family for Sale
Sale Pending/Contingent
Catylist Listing ID: 30018507
Property Subtypes: Government Subsidized, Low-Rise/Garden
Status: Pending/Contingent
Number of Units: 36 Units
Building Size (RSF): 36,980 SF
Gross Building Area: See Agent
Gross Land Area: 0.48 Acres
Sale Price: $1,422,000
Unit Price: $39,500 Per Unit
Property Use Type: Investment, Business
Building Name: Glen Eden & Heights View Apartments
Sale Terms: Cash to Seller
Cap Rate: 15.0%
Last Updated: 6/12/2017

Overview / Comments

Green Bridge Real Estate is pleased to present The 36 Unit Heights View and Glen Eden Apartments located at 14124 and 14128 Superior Road in East Cleveland, Ohio 44118. The approx. 36,980 Sq.Ft. All-Brick, 4-Story Building on 0.48 acres, consisting of 36 units: 33 one bedroom, one bath units of approx. 750 Sq.Ft. and 3 two bedroom, one bath units of approx. 900 Sq.Ft. 9’ Ceilings, Crown Molding and Hardwood floors throughout. Owner directs Immediate Sale of Portfolio to fund other Business opportunities. The Heights View & Glen Eden Apartments are included in a 90 Unit Total Unit Portfolio Sale offered at $3,199,500, can be purchased individually or in bulk. The 18 Unit Glen Eden Apartments have been recently fully renovated to an excellent finish and are ready for occupancy. The 18 Unit Heights View Apartments are currently 94% Occupied. Landlord paid Heat, Trash, Water & Sewer. Glen Eden Apartments hot water usage has been sub metered to bill back tenants for consumption. Leased Laundry Units will provide additional income. The Projected Net Annual Operating Income at 100% Occupancy is $213,309 or a 15.00% Capitalization rate at the asking price of $1,422,000 ($39,500 per unit). The Heights View and Glen Eden Apartments are currently owner managed and held to very high standards. Some of the units are leased in conjunction with the Section 8 Subsidy Voucher program which provides partial / full housing assistance for low income individuals or families. This provides a stable, consistent tenant base with “guaranteed” rent payments. This is a Fantastic Opportunity to purchase a recently renovated Apartment Building with huge upside for a bargain price!

Additional Details

Nearest MSA: Cleveland-Elyria
County: Cuyahoga
Taxing Authority: Cuyahoga County
Tax ID/APN: 672-27-032, 672-27-033
Percent Occupied: 47%
Total Number of Buildings: 2
Property Condition: Good
Number of Stories: 4
Year Built: 1924
Year Renovated: 2016
Roof Type: Flat
Laundry: Shared

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 23,945 191,656 382,643
Median Age: 37.07 37.68 38.9
Households: 11,386 81,582 163,525

Source

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